ONE ZERO Bank, one of Israel’s most recently-founded banks, is pushing to revolutionize the Israeli banking industry with a pioneering pilot program that aims to implement a chat platform powered by Generative AI, utilizing Large Language Model technology developed by the Israel-based tech company AI21 Labs.
This partnership marks a milestone for Israeli banking and highlights the potential of ZERO ONE Bank to push the industry forward.
The pilot program will initially involve 450 customers of ONE ZERO Bank and will progressively expand until its official launch for all customers in the fourth quarter. The bank's vision of offering private banking services to all customers has driven its technological team, led by CTO Amichai Levy, to dedicate months to rigorous testing processes for deep automation in customer-bank chat communication.
These efforts have now reached the pilot stage, involving hundreds of customers, as the bank continues to advance the development of its internal AI system.
During the pilot phase, the new chat platform will be trained to address banking-related questions and exclude responses outside the realm of banking and finance. The system will also be programmed to avoid providing responses that may have legal or ethical implications. The ultimate goal is to create a designated solution that smartly interacts with customers based on their personal data and needs.
Potential to transform the banking industry
The introduction of this technology has the potential to transform customer service in Israel’s banking industry. The AI-based chat platform will provide immediate responses without waiting times, offering customers a seamless and efficient experience.
It will enable customers to engage in free-flowing conversations, receiving responses that closely simulate human interaction. If desired, customers will still have the option to switch to a conversation with a human banker at any time.
By deploying the new chat platform, ONE ZERO Bank aims to free human bankers from routine tasks, allowing them to focus on providing more comprehensive and tailored assistance to customers. This aligns with the bank's vision of extending private banking services to a broader customer base.
The partnership with AI21 Labs provides ONE ZERO Bank with a distinctive advantage in terms of privacy and information security, according to Amichai Levy, ZERO ONE’s CTO. “The chat system, which is now in a pilot stage, relies on large language models while emphasizing the utmost priority on privacy and information security, in accordance with the standards and regulatory requirements of a regulated entity,” Levy said. “AI21 Labs' language models have been meticulously developed within the bank's private environment, ensuring a comprehensive solution that meets the stringent requirements of privacy and information security.
In contrast, the prevailing trend in the world involves the consumption of language models primarily through public cloud services. However, the collaboration with AI21 Labs offers a distinctive advantage by enabling the secure deployment of language models specifically tailored to organizations handling sensitive information.”
Ori Goshen, founder and co-CEO of AI21 Labs, highlighted the far-reaching impact of generative AI technology. “The partnership between AI21 Labs and ONE ZERO Bank represents a significant milestone not only within the banking industry but also in the realm of customer service. Our advanced language models enable ONE ZERO Bank to deliver rapid and precise responses to its customers,” he said. “Simultaneously, these models significantly reduce the time burden on employees, freeing them to concentrate on more intricate tasks that necessitate deeper analysis and personalized advice thus bringing more value to the customer."